PacWest Bancorp announces termination of agreement to acquire El Dorado
PacWest Bancorp announced the termination of the previously announced definitive agreement to acquire El Dorado Savings Bank. At the special meeting of El Dorado's shareholders, the transaction did not receive the two-thirds affirmative vote of outstanding shares as required under applicable federal law. Under the terms of the agreement, neither PacWest nor El Dorado will be responsible for payments to the other party as a result of the termination. When the agreement was announced on September 12, 2018, the acquisition was expected to be 1% accretive to PacWest's 2019 and 2020 earnings per share, and the stock and cash transaction was valued at approximately $466.7M.